As a business owner, you want to capitalize on every chance you have to make sales. Sometimes this means offering great deals or taking a chance on a new product or service.
No matter your method, it all boils down to…
Creating More Opportunities for Purchases
People can’t and won’t spend money at your business if you don’t have products they can buy! The trick to creating easy passive income is by providing easy and attractive purchase options for your customers. Often times this means stocking products directly related to your service – like a car wash or auto mechanic selling air fresheners, car phone chargers, or sunglasses at the register – or providing products directly relevant to your customers themselves.
In either case, you should be looking for products that won’t require too much maintenance or re-ordering on your part.
Some Methods to Create Passive Income at Your Business:
Stock registers and other areas with “impulse” items
Like our car wash example above, this method is all about stocking products that are great add-ons for your business. They should be low in cost, and not take up too much space.
As mentioned before, sometimes the best options for impulse items are more closely related to your customers than your business. For instance, if most of your customers are middle-aged, you may stock items like reading glasses. If your customers are parents bringing in their kids, you should consider stocking impulse items that kids will enjoy – small toys or candy.
Install a Vending Machine
Vending machines are . These can be easy and inexpensive passive income generators, since they usually take up just a small amount of space. Whether you’re purchasing your own machine, or simply providing space in exchange for profits from a vending machine route operator, this can be a great way to create passive income for your business.